5 Technology Stocks To Buy That Are Too Cheap To Ignore

1. Advanced Micro Devices, Inc. (NASDAQ:AMD)

Share Price as of October 15, 2022: $55.70

Number of Hedge Fund Holders: 87

Advanced Micro Devices, Inc. (NASDAQ:AMD) is an American semiconductor designer and seller that sells products for a wide variety of applications. These include personal computing, cloud computing, data centers, and video game consoles. The firm is headquartered in Santa Clara, California.

Advanced Micro Devices, Inc. (NASDAQ:AMD)’s preliminary third quarter results are the talk of down these days, and they are accompanied by bearish sentiment. However, the fact still remains that the third quarter will be the first time in ten quarters that the firm has reported a sequential sales drop – amidst a wider macroeconomic backdrop that saw inflation kill purchasing power. Despite this, the quarter still posted a strong 29% annual growth.

Advanced Micro Devices, Inc. (NASDAQ:AMD) also refreshed its two year old product lineup in September 2022, with new products manufactured with the latest 5 nanometer chipmaking technology. The company’s 7000 series GPUs will also be 5 nanometer, and they come at a time when demand for GPUs remains slow due to high prices. Insider Monkey’s Q2 2022 survey of 895 hedge funds saw 87 as having bought Advanced Micro Devices, Inc. (NASDAQ:AMD)’s shares.

Out of these, Ken Fisher’s Fisher Asset Management is Advanced Micro Devices, Inc. (NASDAQ:AMD)’s largest investor. It owns a $1.9 billion stake that comes courtesy of 25 million shares.

Baron Funds mentioned the company in its Q2 2022 investor letter. Here is what the fund said:

AMD has been gaining meaningful share in personal computing and server end markets over the past several years driven by the performance of its processors and technology and strong execution against its technology roadmap, and we believe share gains will continue over the coming years from a combination of AMD’s continued advancements and Intel’s stumbles in developing its leading-edge technology.

Additionally, the recently closed acquisitions of Xilinx and Pensando enhance AMD’s positioning within the data center, a key growth engine for the semiconductor industry, and Xilinx specifically opens up several new growth opportunities in new end markets like industrial, automotive, and communications. The company also generates significant cash flow, giving it capital allocation optionality for further M&A and returning capital to shareholders.”

Disclosure: None. You can also take a look at 11 Best Cruise Stocks To Buy and 11 Best Cyclical Stocks To Buy.

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